Alleghany Car Insurance Claims
Alleghany Corporation holds several sub-corporations which are involved in property and casualty insurance. It owns three insurance companies: RSUI Group, Inc; Darwin Professional Underwriters, Inc; and Capitol Transamerica Corporation. These three companies are then under the control of Alleghany Insurance Holdings, LLC, which was incorporated in 1999, as the subsidiary that acts as its property and casualty insurance, and surety holding company.
The group specializes in covering higher severity, but low frequency risks. Capitol Transamerica Corporation (CATA) in turn owns subsidiaries that also cover property and casualty. It specializes in insurance for certain types of businesses such as barber and beauty shops, bowling alleys, restaurants and taverns, and contractors on a case-by-case basis. Prudent risk selection is a key component in its company strategy.
History of Alleghany
Alleghany was first established in 1929 as a holding company for the Van Sweringen brother’s railroad investments. J.P. Morgan took control in 1934, then sold out to Robert R. Young in 1937. Alleghany acquired an interest in Investors Diversified Services Inc. (IDS) in 1949.
In 1984, Alleghany sold off IDS for $800 million and reorganized as the Alleghany Financial Corporation. Two years later, the company began liquidating assets, and chose a new name under this reorganization—Alleghany Corporation.
In 1998, Alleghany spun off Chicago Title Corporation. Three years later, subsidiary Alleghany Underwriting sold off Talbot Holdings Ltd. Another subsidiary, Alleghany Asset Management Inc. merged with ABN AMRO, a holding company with links to commercial banking operations, investment banking and other financial services. The company also sold off its Alleghany Underwriting Holdings Ltd. operation at Lloyd’s of London.
In 2002, Alleghany acquired Capitol Transamerica Corporation and Platt River Insurance Company.
Financial Profile for Alleghany
In August 2010 Alleghany Insurance Holdings, LLC reported its unaudited financial status up to the end of June 2010. April to June 2010 total revenue was $248,962,000, an increase of just over $7 million on the same period of 2009. Pre-taxed earnings were $93,452,000 ($15,976,000 for the same period of 2009) and net investment income $32,957,000, a rise of more than $5 million on the 2009 equivalent figure.
